Nuvation Bio (NYSE:NUVB) Trading Up 5% – Time to Buy?

Shares of Nuvation Bio Inc. (NYSE:NUVB) were up 5% during trading on Thursday . The stock traded as high as $2.74 and last traded at $2.74. Approximately 1,087,569 shares were traded during trading, a decline of 31% from the average daily volume of 1,566,568 shares. The stock had previously closed at $2.61.

Analyst Ratings Changes

A number of research firms have recently issued reports on NUVB. Wedbush reissued an “outperform” rating and set a $5.00 price objective on shares of Nuvation Bio in a research report on Thursday, November 7th. HC Wainwright lowered their target price on Nuvation Bio from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, September 16th. Finally, Royal Bank of Canada increased their target price on Nuvation Bio from $5.00 to $6.00 and gave the stock an “outperform” rating in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $6.60.

Nuvation Bio Stock Down 0.4 %

The firm has a market capitalization of $902.00 million, a PE ratio of -1.24 and a beta of 1.46. The stock has a 50-day simple moving average of $2.62 and a 200-day simple moving average of $2.83.

Nuvation Bio (NYSE:NUVB) last posted its earnings results on Wednesday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The business had revenue of $0.73 million during the quarter. Equities analysts forecast that Nuvation Bio Inc. will post -0.4 earnings per share for the current fiscal year.

Insider Transactions at Nuvation Bio

In related news, Director Robert Mashal bought 100,000 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were acquired at an average cost of $2.20 per share, with a total value of $220,000.00. Following the completion of the purchase, the director now directly owns 100,000 shares of the company’s stock, valued at $220,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 5.07% of the company’s stock.

Institutional Investors Weigh In On Nuvation Bio

Hedge funds have recently added to or reduced their stakes in the company. Zacks Investment Management boosted its holdings in Nuvation Bio by 21.5% during the 3rd quarter. Zacks Investment Management now owns 36,125 shares of the company’s stock valued at $83,000 after acquiring an additional 6,394 shares during the period. Principal Financial Group Inc. lifted its position in Nuvation Bio by 58.7% in the second quarter. Principal Financial Group Inc. now owns 25,950 shares of the company’s stock valued at $76,000 after purchasing an additional 9,603 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Nuvation Bio by 913.2% during the second quarter. EverSource Wealth Advisors LLC now owns 11,095 shares of the company’s stock valued at $32,000 after purchasing an additional 10,000 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in shares of Nuvation Bio in the second quarter worth approximately $29,000. Finally, Xponance Inc. purchased a new position in shares of Nuvation Bio in the second quarter worth $33,000. Institutional investors own 61.67% of the company’s stock.

About Nuvation Bio

Nuvation Bio Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutic candidates for oncology. The company's lead product candidate is NUV-868, a BD2 selective oral small molecule BET inhibitor that epigenetically regulates proteins that control tumor growth and differentiation, including oncogenes comprising c-myc; NUV-1156, an AR binder Xtandi that address advanced stage prostate cancers with the potential to move into earlier lines typically treated with surgical prostatectomy; and drug-drug conjugate (DDC) platform which leverages a novel therapeutic approach within the drug-conjugate class of anti-cancer therapies to deliver anti-cancer therapeutics to cancer cells, as well as NUV-1176, a PARP inhibitor to address ER+ breast and ovarian cancer.